Cyril Ramaphosa’s future as South African president hung in the balance on Thursday, as his office said he was considering his options following the discovery of evidence that he may have committed wrongdoing in relation to a stockpile of cash taken from his game farm.
The study by a team of specialists selected by the speaker of parliament focused on charges that criminals discovered millions of dollars in cash tucked into furniture at the rich president’s Phala Phala game farm in 2020 and stole it, a heist that was only discovered in June.
The heist has sparked concerns about how Ramaphosa, who campaigned on a vow to fight corruption, obtained the money and whether or not he disclosed it.
The president has stated that a far lesser sum of money was taken – the revenues of game sales – and that he reported the theft as soon as he learned of it. He has denied any misconduct and is not facing any criminal charges.
According to his spokesperson, Ramaphosa is considering “all options on the table” and is currently consulting on the report’s suggestions. He apologised for prior remarks implying Ramaphosa would make a speech on Thursday.
The rand sank more than 4% against the dollar before recovering, while South Africa’s sovereign dollar bonds fell dramatically on anticipation Ramaphosa might resign.
The Democratic Alliance, the country’s largest opposition party, has called for an early election, and the news has thrown the ruling African National Congress (ANC) into disarray.
It also jeopardises Ramaphosa’s efforts to restore investor confidence in Africa’s most developed economy, following a decade of corruption scandals under former President Jacob Zuma.
The ANC said that its executive committee will meet on Friday morning to examine the panel findings, postponing a planned meeting on Thursday.
In an interview at the Reuters NEXT conference, South Africa’s foreign minister, Naledi Pandor, termed the panel’s findings “a very troubling moment,” and two cabinet officials called for Ramaphosa to leave.
The Hawks’ investigation into the theft at Ramaphosa’s farm is still ongoing, according to a spokeswoman, while the central bank says it does not comment on exchange control investigations.
The scandal has been called “farmgate” by the media.
